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Tag: New Business

Strategy Selecting New Business Direction

Posted on March 6, 2020September 24, 2020 by Bella E. Hussain

New Business
You’re working out a direction for your new business and have some degree of clarity on what that will be, and how you will execute it. You believe it will be profitable, but you’re not sure whether or not you’ve put the plans together to maximize your profit. Here are a few ideas on how to examine your new business direction through the profit “lens”.

1. Is your new direction powerfully bolstered by playing to your strengths and expertise?

When you build a new business plan where you’ve clearly got the skills and experience, it automatically raises the value of your services. Starting anew, as one of a crowded field of competitors where you don’ have standout credentials, makes closing sales harder, and lowers your potential profitability.

2. Aim for a well-funded niche willing to spend for the solutions you provide.

It’s best when this niche recognizes your specific specialty as uniquely prepared to handle their needs. This will increase your profitability by making it easier and more predictable to close sales. Aim for a target market who has the money, and a willingness to spend it. Position your business so that you’ve got unique ability to solve their problems.

3. Look for a market with a “crying need”.

When working to solve crying needs you don’t have to do such hard work convincing prospects that they need your solutions. They are desperately looking for resolution. There’s intensity to their search and they want their problem solved, NOW, or even better yesterday.

4. Make yours service better, more complete than your competitors’.

Make a point of fully satisfying the client’s needs. Put together your offering to encompass all facets of the prospect’s needs. Go beyond what your competitors do. Make your service distinctive, rising above the competition. This allows you to increase your profitability.

5. Select a target market that values excellence – and deliver excellence.

Clients will pay a premium price to receive excellent results. Targeting those who value excellence will save you from working with those who are underfunded and under-motivated (and can often be a drain on the profitability of your business). Of course, they have higher expectations, but if you’re aiming for the correct target market, that should not be a problem for your business.

6. Look for ways to increase your value to clients.

Combine a product with your service. Create packages of services. Add a new expertise. Combine skills for a new offering. Examine what clients request of you. How can you add value by fulfilling client requests?

7. Let your prospects know that you have solved that same problem they suffer from.

When you have a compelling story to tell about having had the same problem your target market is looking to solve, it increases your credibility and profitability to tell it. It’s even better if you’ve come up with your solution because of your own experience. Make it plain that you want to help others who are now suffering as you once did. The whole story about how you came up with the solution and evolved it through working with clients is a moneymaker. Of course it must be sincere and genuine.

8. Ooze competence.

Competence is valuable and shows up in net profit. Present yourself as a problem solve and be one. This is a singularly attractive trait. Prepare ahead and show professionalism. We are all intensely attracted to the highly competent.

9. Keep it simple.

Everyone has such complex lives nowadays, that simplicity itself lends considerable value. Don’t make it simplistic, but do make your services easy to understand. You want prospects to be able to easily imagine working with you and to be able to fantasize about what that could be like.

When you’re taking your business in a whole new direction, take the time to examine how you can increase the potential profitability of what you are embarking on. Spend that time up front, build profit into your endeavor, and you will take home the money later.…

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4 Easy Ways to Promote Your New Business

Posted on January 27, 2020September 24, 2020 by Bella E. Hussain

Business
You did it. You finally started that solo business venture that you’ve always wanted. No more 9 to 5 for you. You’re on your own. A fresh start. So, now that you’ve broke free from the cubicle, and are finished with punching a time clock, you’ve got to get the word out about your venture. You’ve got to drive traffic to your business, whether it be online, or off.

So what do you do to drive this traffic, especially if you have limited startup funds? How can you get the word out effectively, without breaking your bank, and potentially putting your new business in jeopardy before it even gets off the ground? Here are 4 easy ways to inexpensively promote your business, and drive that much needed traffic to your new solo venture.

1. Pay Per Click Advertising

Pay per click advertising is a great way to inexpensively promote your business. The two best places to place small ads on the search engines are Google Ads and Bing Ads (Bing Ads being less expensive, but has about 1/3rd of the search traffic). With both of these systems, you can easily place your ads using a daily or monthly budget you are comfortable with – you are in complete control of how much you spend, and on exactly where your ads are targeted. You can get the word out over the web, at a comfortable cost.

2. YouTube

Use YouTube to get the word out about your venture to the millions of searchers that hit the site every month. First, shoot or make a video presentation about your business (the content of which, I’ll leave up to you). Using effective keyword research, ‘tag’ your video with the best and most effective keywords and phrases that people are looking for. Once your video is up and running on the site, you will be getting ‘hits’, and thus, passive promotion of your business while you’re busy doing other things. This method of promotion, along with the Pay Per Click mentioned above, are very effective “set it and forget it methods” of promotion.

3. Offline Ads

Placing ads in appropriate newspapers, weeklies, periodicals, magazines, etc, does not have to break the bank. There are very reasonable sites out there that will pace your ad in a variety of locations, to wide array of readers, depending on your budget. My suggestion is to find an appropriate local area paper, and try a few different types of ads (not necessarily at the same time, of course). As one ad works more effectively to drive traffic to your business, then expand that ad’s reach by getting it published in a wider, more encompassing array of daily/weekly papers.

4. Article Marketing

As a budding entrepreneur, you may very well have an abundance of expertise in a certain area. Why not write about it? Using your specific knowledge to write articles in your area of expertise, you can accomplish two fold. You will create a library of knowledge for readers to use as a reference, which gives you yet another vehicle to use in promoting your venture. You will also have direct links to your business in the article, driving traffic directly to your venture. And again, as previously mentioned, this is another system where you can “set it and forget it”. Your only input with this method of promotion is to create more articles/content.

So, there you have it. These four simple methods of promotion can not only be low cost, but are extremely effective in enabling you to “work smarter, not harder”. Using these methods to “set it and forget it”, you can smartly set up your promotion and advertising, using a budget that is appropriate for your business, and leave yourself free to build your brand, spend more time with your friends and family, or the opportunity to expand your business, and bring it to the next level.…

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